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SEABOARD CORP（SEB）与MARRIOTT VACATIONS WORLDWIDE Corp（VAC）财务数据对比。点击上方公司名可切换其他公司
SEABOARD CORP的季度营收约是MARRIOTT VACATIONS WORLDWIDE Corp的2.0倍（$2.4B vs $1.2B），SEABOARD CORP净利率更高（10.6% vs -35.0%，领先45.6%），MARRIOTT VACATIONS WORLDWIDE Corp同比增速更快（-0.7% vs -2.9%），SEABOARD CORP自由现金流更多（$53.0M vs $-6.0M），过去两年MARRIOTT VACATIONS WORLDWIDE Corp的营收复合增速更高（5.2% vs 4.9%）
Seaboard Corporation是一家多元化跨国农业综合及运输集团，业务覆盖多个垂直整合领域。美国本土核心业务包括生猪养殖加工与远洋运输，海外板块主营大宗商品贸易、谷物加工、食糖生产及发电，总部位于堪萨斯州梅里亚姆。
万豪度假环球集团是专注于分时度假业务的公众企业，原为万豪国际集团旗下业务板块，2011年11月分拆为独立上市公司，核心业务为度假所有权运营。目前集团运营超过120家度假村，在万豪度假俱乐部品牌矩阵下拥有超70万名业主及会员，产品覆盖多个度假消费场景。
SEB vs VAC — 直观对比
营收规模更大
SEB
是对方的2.0倍
$1.2B
营收增速更快
VAC
高出2.2%
-2.9%
净利率更高
SEB
高出45.6%
-35.0%
自由现金流更多
SEB
多$59.0M
$-6.0M
两年增速更快
VAC
近两年复合增速
4.9%
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.4B | $1.2B |
| 净利润 | $255.0M | $-431.0M |
| 毛利率 | 7.9% | — |
| 营业利润率 | 2.7% | — |
| 净利率 | 10.6% | -35.0% |
| 营收同比 | -2.9% | -0.7% |
| 净利润同比 | 63.5% | -962.0% |
| 每股收益（稀释后） | $262.58 | $-12.00 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收SEBVAC
| Q4 25 | $2.4B | $1.2B | ||
| Q3 25 | $2.5B | $1.2B | ||
| Q2 25 | $2.5B | $1.2B | ||
| Q1 25 | $2.3B | $1.1B | ||
| Q4 24 | $2.5B | $1.2B | ||
| Q3 24 | $2.2B | $1.2B | ||
| Q2 24 | $2.2B | $1.1B | ||
| Q1 24 | $2.2B | $1.1B |
净利润SEBVAC
| Q4 25 | $255.0M | $-431.0M | ||
| Q3 25 | $110.0M | $-2.0M | ||
| Q2 25 | $104.0M | $69.0M | ||
| Q1 25 | $32.0M | $56.0M | ||
| Q4 24 | $156.0M | $50.0M | ||
| Q3 24 | $-149.0M | $84.0M | ||
| Q2 24 | $61.0M | $37.0M | ||
| Q1 24 | $22.0M | $47.0M |
毛利率SEBVAC
| Q4 25 | 7.9% | — | ||
| Q3 25 | 7.8% | — | ||
| Q2 25 | 6.5% | — | ||
| Q1 25 | 6.1% | — | ||
| Q4 24 | 9.0% | — | ||
| Q3 24 | 6.2% | — | ||
| Q2 24 | 5.8% | — | ||
| Q1 24 | 4.0% | — |
营业利润率SEBVAC
| Q4 25 | 2.7% | — | ||
| Q3 25 | 3.3% | — | ||
| Q2 25 | 2.1% | — | ||
| Q1 25 | 1.6% | — | ||
| Q4 24 | 4.6% | — | ||
| Q3 24 | 1.4% | — | ||
| Q2 24 | 1.4% | — | ||
| Q1 24 | -0.9% | — |
净利率SEBVAC
| Q4 25 | 10.6% | -35.0% | ||
| Q3 25 | 4.3% | -0.2% | ||
| Q2 25 | 4.2% | 6.0% | ||
| Q1 25 | 1.4% | 5.0% | ||
| Q4 24 | 6.3% | 4.0% | ||
| Q3 24 | -6.7% | 6.9% | ||
| Q2 24 | 2.8% | 3.5% | ||
| Q1 24 | 1.0% | 4.2% |
每股收益（稀释后）SEBVAC
| Q4 25 | $262.58 | $-12.00 | ||
| Q3 25 | $113.71 | $-0.07 | ||
| Q2 25 | $105.22 | $1.77 | ||
| Q1 25 | $32.95 | $1.46 | ||
| Q4 24 | $158.58 | $1.29 | ||
| Q3 24 | $-153.44 | $2.12 | ||
| Q2 24 | $62.82 | $0.98 | ||
| Q1 24 | $22.66 | $1.22 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $1.2B | $406.0M |
| 总债务越低越好 | — | — |
| 股东权益账面价值 | $5.2B | $2.0B |
| 总资产 | $8.2B | $9.8B |
| 负债/权益比越低杠杆越低 | — | — |
8季度趋势，按日历期对齐
现金及短期投资SEBVAC
| Q4 25 | $1.2B | $406.0M | ||
| Q3 25 | $1.2B | $474.0M | ||
| Q2 25 | $1.1B | $205.0M | ||
| Q1 25 | $1.1B | $196.0M | ||
| Q4 24 | $1.2B | $197.0M | ||
| Q3 24 | $1.2B | $197.0M | ||
| Q2 24 | $1.2B | $206.0M | ||
| Q1 24 | $1.2B | $237.0M |
股东权益SEBVAC
| Q4 25 | $5.2B | $2.0B | ||
| Q3 25 | $5.0B | $2.5B | ||
| Q2 25 | $4.8B | $2.5B | ||
| Q1 25 | $4.7B | $2.4B | ||
| Q4 24 | $4.7B | $2.4B | ||
| Q3 24 | $4.5B | $2.4B | ||
| Q2 24 | $4.7B | $2.4B | ||
| Q1 24 | $4.6B | $2.4B |
总资产SEBVAC
| Q4 25 | $8.2B | $9.8B | ||
| Q3 25 | $8.0B | $10.1B | ||
| Q2 25 | $7.9B | $9.9B | ||
| Q1 25 | $7.6B | $9.9B | ||
| Q4 24 | $7.7B | $9.8B | ||
| Q3 24 | $7.5B | $9.7B | ||
| Q2 24 | $7.7B | $9.6B | ||
| Q1 24 | $7.6B | $9.9B |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $188.0M | $6.0M |
| 自由现金流经营现金流 - 资本支出 | $53.0M | $-6.0M |
| 自由现金流率自由现金流/营收 | 2.2% | -0.5% |
| 资本支出强度资本支出/营收 | 5.6% | 1.0% |
| 现金转化率经营现金流/净利润 | 0.74× | — |
| 过去12个月自由现金流最近4个季度 | $6.0M | $-29.0M |
8季度趋势，按日历期对齐
经营现金流SEBVAC
| Q4 25 | $188.0M | $6.0M | ||
| Q3 25 | $319.0M | $62.0M | ||
| Q2 25 | $81.0M | $-48.0M | ||
| Q1 25 | $-20.0M | $8.0M | ||
| Q4 24 | $300.0M | $100.0M | ||
| Q3 24 | $194.0M | $72.0M | ||
| Q2 24 | $6.0M | $30.0M | ||
| Q1 24 | $19.0M | $3.0M |
自由现金流SEBVAC
| Q4 25 | $53.0M | $-6.0M | ||
| Q3 25 | $152.0M | $51.0M | ||
| Q2 25 | $-70.0M | $-68.0M | ||
| Q1 25 | $-129.0M | $-6.0M | ||
| Q4 24 | $162.0M | $86.0M | ||
| Q3 24 | $58.0M | $58.0M | ||
| Q2 24 | $-127.0M | $17.0M | ||
| Q1 24 | $-85.0M | $-13.0M |
自由现金流率SEBVAC
| Q4 25 | 2.2% | -0.5% | ||
| Q3 25 | 6.0% | 4.3% | ||
| Q2 25 | -2.8% | -5.9% | ||
| Q1 25 | -5.6% | -0.5% | ||
| Q4 24 | 6.5% | 6.9% | ||
| Q3 24 | 2.6% | 4.8% | ||
| Q2 24 | -5.7% | 1.6% | ||
| Q1 24 | -3.9% | -1.2% |
资本支出强度SEBVAC
| Q4 25 | 5.6% | 1.0% | ||
| Q3 25 | 6.6% | 0.9% | ||
| Q2 25 | 6.1% | 1.7% | ||
| Q1 25 | 4.7% | 1.3% | ||
| Q4 24 | 5.6% | 1.1% | ||
| Q3 24 | 6.1% | 1.1% | ||
| Q2 24 | 6.0% | 1.2% | ||
| Q1 24 | 4.7% | 1.4% |
现金转化率SEBVAC
| Q4 25 | 0.74× | — | ||
| Q3 25 | 2.90× | — | ||
| Q2 25 | 0.78× | -0.70× | ||
| Q1 25 | -0.63× | 0.14× | ||
| Q4 24 | 1.92× | 2.00× | ||
| Q3 24 | — | 0.86× | ||
| Q2 24 | 0.10× | 0.81× | ||
| Q1 24 | 0.86× | 0.06× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
SEB
| Commodity Trading And Milling | $1.3B | 52% |
| Pork Segment | $469.0M | 19% |
| Marine | $444.0M | 18% |
| Other | $108.0M | 4% |
| Energy Service | $56.0M | 2% |
| Product And Service Other Services | $15.0M | 1% |
| Transportation | $6.0M | 0% |
VAC
| Cost Reimbursement | $467.0M | 38% |
| Time Share | $381.0M | 31% |
| Management And Exchange | $212.0M | 17% |
| Ancillary Revenues | $64.0M | 5% |
| Management Service | $55.0M | 4% |
| Service Other | $36.0M | 3% |
